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Basic Real Estate Conveyancing Facts That You Should Know

Conveyancing refers to the act of shifting the title to property from one individual to another. So, if the transfer of property involves a conveyance, then parties are often charged with property conveyancing fees, which may include specific assessment costs.

The following information will help you gain a better understanding of real estate conveyancing.

Different types of real estate property conveyances

There are four types of real property conveyances. These include Fee Tail, Fee Simple, Life Estate, and Defeasible Estate. Each conveyance types may either be made in a deed or will. You may ask a lawyer to discuss which one is applicable to your situation.

The expected amount to be paid

The expected cost for decent conveyancing is £600 to £800 if you're selling a freehold property with a home loan. You may add at least £150 to £400 if the property is leasehold and subtract £50 if there's no existing mortgage. Although it's rarely needed when selling, you may likewise want to save your money for a conveyancing service which may cost about £1,000 to £2,000.

Instances when it can be disputed

However, there are certain instances where a conveyancing fee can be disputed. Based on an article posted on The Legal Match, a few of these circumstances involve the following scenarios:

If a party attempts to convey a property that he or she does not legally own

If there are trust or will disputes

If there are specific issues involving defective titles

If the conveyances are based on deceit or fraud

You may file a lawsuit in case a conveyance has resulted in certain losses. Filing a lawsuit may result in remedies, such as a court injunction or damages award.

It is always best to ask for assistance from a real estate lawyer to know more about property conveyances. Do not hesitate to ask questions, especially if you need any clarifications on certain aspects that involve property conveyances.